Control How Direct Deposits are Distributed

Did you know you can split incoming direct deposits into separate accounts in It’s Me 247 Online Banking?

Where you want it

Maybe set a little aside in your savings each week for that trip to Hawaii.

Here’s How

This feature displays all incoming ACH deposit records, such as your paycheck, pension, Social Security, or other items where funds are automatically deposited into your accounts through the Automated Clearinghouse (ACH).

You can use the features on this screen to update or add distributions, allowing you to control where your money is transferred after the initial deposit comes in.

Tip

Notice the account number is displayed when you hover the mouse over the deposit account description, like this:

If the member name reads “OTHER MEMBER,” this is an account that is not on your approved transfer list for home banking, so you cannot change the item here. You will need to contact the credit union if you need to make changes to that distribution.

How to Make Changes To One of Your Automatic Deposits

Click the Edit button on any item to view or modify details.

NOTE: You will not be able to change certain types of incoming ACH deposits, including deposits directly to loans and IRA accounts, as well as other special situations. Contact the credit union if you need to adjust the settings on any items you cannot update here.

A new page will display showing all of the existing distributions attached to the ACH deposit record you selected. (HINT: Notice the account number is displayed when you hover the mouse over any account description listed.)

Distributions will be listed in the order in which they are made. The item at the bottom marked “All Remaining Funds” represents the account where funds leftover after all other distributions are done will be deposited. (You cannot change that account here; contact the credit union if that account is incorrect.)

HINT: What really happens behind the scenes is that all funds get deposited into the account at the bottom of the list. This is sometimes referred to as the “base” account. Then transfers are made out of that account to the other accounts listed (your “distributions”). Once all the transfers are done, any leftover money stays in the base account.

Next, to make changes or add new distributions, use the appropriate instructions below:

Title

Description

To change the order of existing distributions

If you want to rearrange the order in which distributions will be made, click the Order buttons next to the distribution.For example, if you want to make sure a loan payment is always made before depositing money into a savings account, you can put the loan payment as the first distribution.

To stop a distribution now

Click the Deletebutton next to that item in the list.There will be one confirmation message; click the Delete button again to confirm and return to the list (or click Cancel if you change your mind). All remaining distributions will be reorganized automatically.

To stop a distribution at a date in the future

Click the Edit button in front of the item in the list.

Click the button in front of End by date.

Enter the date you want the distribution to end into the box (or click the calendar icon to choose a date).

Click Next.

Verify the settings, then click Accept.

To change the amount being transferred to an account (or any other setting)

Click the Edit button in front of the item in the list.

Enter the new amount into the box (click here for tips on editing text in It’s Me 247).

Make changes to any other settings you wish.

Click Next.

Verify the settings, then click Accept.

To start distributing money to another account (either immediately or in the future)

If you want to transfer money to another account whenever this deposit comes in, use the following steps:

Click the Create New Distribution button.

Enter the member account number (up to 9 digits) where the funds should be transferred to. Or you may see a drop-down list where you must choose from a list of members you have defined. (You can enter/choose your own account number, too.)

NOTE:If a drop-down list of approved transfer account numbers and names does not appear, you must know the account number to transfer to. For security reasons, It’s Me 247 does not provide lists of other credit union member numbers unless you set up an approved transfer list with the credit union. Contact the credit union to set up your approved transfer list.

Now enter an account Suffix (3 digits) where the funds should be transferred to. Or you may see a drop-down list where you can choose from a list of accounts for the member you selected.

NOTE: This cannot be an account where deposits are not normally allowed in online banking, such as a certificate.

Enter the amount you’d like to distribute to this account. (Click here for tips on entering dollar amounts in It’s Me 247.)ORIf the money is going into a loan account, instead of entering an amount, click to place a checkmark in the Make standard loan payment amount option. This is recommended so that the correct payment amount is always used, especially if the loan’s regular payment might change over time.

If you want this distribution to begin in the future, enter a Start Date when you want the first transfer to occur. (HINT: Click the calendar icon to choose a date from a calendar.) If you want this to begin the very next time this deposit is received, leave the Start Date as today’s date.

Click the button in front of one of the following options to specify how long you want this distribution to remain in effect:

Choose this if you want this transfer to continue indefinitely (you can delete it at any time either by clicking Delete on the previous screen as explained above, or by contacting the credit union).

Choose this if you want to stop the transfers as of a certain date, then enter any date you like into the box (or click the calendar button to choose a date from a calendar). For example, if you were distributing funds temporarily to a Christmas Club savings account, and wanted to stop at the end of October, you would enter 10/31/2008 (substituting the correct year) into this field.

Click the Next button to proceed.

A confirmation screen will appear showing all of the settings you selected. If they are right, click Accept. Otherwise you can click the Back button (you must use the one at the bottom of the screen)to change any of the settings.

After you click Accept, It’s Me 247 will display all of the distributions for this particular incoming deposit.